Facebook announced it entered into a five-year senior unsecured revolving credit facility with a lender group led by JPMorgan Chase Bank, as administrative agent.

The 2013 revolving credit facility replaces the company’s existing credit facilities and allows the company to borrow up to $6.5 billion to fund working capital and general corporate purposes.

Interest under the 2013 revolving credit facility will be payable on the borrowed amounts set at LIBOR plus 1.0%. The company paid origination fees at closing of the 2013 Revolving Credit Facility, which fees are being amortized over the term of the facility. The Company is also obligated to pay an annual commitment fee of 0.10% on the daily undrawn balance of the facility. Any amounts outstanding under this facility will be due on August 15, 2018. No amounts have been drawn under this facility as of the date hereof.

In connection with entering into the 2013 revolver, the company said it terminated its existing undrawn $5.0 billion revolving credit facility with JPMorgan Chase Bank as administrative agent, and the lenders party thereto. In addition, the company terminated its existing $1.5 billion term loan facility with JPMorgan Chase, as administrative agent, under which it had $1.5 billion principal amount outstanding.

To read the Facebook news release click here.